What Memories Do You Want to Ensure Are Timeless?
For you, the library may be a place where your early childhood memories were created. Your legacy is something that continues a tradition, bond, connection or relationship you share with family, friends and loved ones. It has great meaning to you and to those you leave behind.
Over the years, the Foundation has been blessed to receive very generous gifts from the estates of a lot of wonderful people. Many of these bequests have been set aside, endowed, and the interest earned supports programs and services at the Danville Public Library. Gifts such as these allow you to design your philanthropy and share your cherished memories with future generations. These “designed” or planned gifts made through your will, insurance policies, and other giving methods, hold a tremendous amount of potential for a Foundation. They allow ordinary people to make extraordinary gifts.
If you are considering a bequest to the Danville Library Foundation, please take a moment to contact us. We can help by providing sample clauses for your will, verify that you’re using the correct wording and ensure that your gift to the library suits your needs.
If you’ve remembered us in your planning, we’d like to hear from you. Please give us the opportunity to personally thank you. Your legacy ensures the future of our beloved community resource.
To those of you who’ve remembered the library in your will, we’d like to say thank you now—for planning ahead and for giving the gift of literacy for future generations. What memories could be more timeless?
The Foundation provides vital support to the Danville Public Library. Gifts and donations from individuals, businesses and foundations are critical to providing additional resources for both on-going and special projects at the Danville Public Library.
The Foundation offers several gifting options from general support to restricted program support. The various gifting options are as follows:
- General Endowment
- Technology Endowment
- Annual Fund
- Dr. Angelo and Alberta Anaclerio Endowment
Various Gift Forms are Accepted:
Gifts of Cash
Gifts of cash may be made outright or pledged over a period of up to five years. Checks should be made payable to the Danville Library Foundation. If you are an itemizer, your gift is fully tax deductible up to 50 percent of your adjusted gross income. Any excess may be carried forward for up to five years. You may designate the use of your gift, by enclosing a statement regarding its use.
Gifts of Appreciated Property
If you own stocks, bonds, mutual funds or other assets that have increased in value since the time of purchase, you may find it advantageous to give them to the Danville Library Foundation. Your outright gift of long-term, appreciated securities is exempt from capital gains taxes and, if you itemize, you may claim a charitable income tax deduction equal to the full fair market value of the property at the time of transfer. For gifts of property, your gift is fully deductible for up to 30 percent of your adjusted gross income, and like gifts of cash, may be carried forward for up to five years.
Life Income Gifts
Donor may make a gift to the Danville Library Foundation and receive direct financial benefits including an income for life for the donor and/or the donor’s spouse, and a charitable income tax deduction. There are several options including the charitable gift annuity, the deferred gift annuity and the pooled income fund. These options require a minimum gift of $5,000, and the gift may be designated to benefit any department or program at the Danville Library Foundation.
Charitable Remainder Trusts
A charitable remainder trust is a personalized life income gift that provides a donor with a lifetime income and a charitable income tax deduction. The donor selects the payout rate, usually between 5 and 7 percent providing the donor, and the donor’s spouse, with an income every year for life. The higher the payout rate, the lower the charitable tax deduction. If the donor funds the trust with appreciated securities, the donor will avoid capital gains taxes. The donor selects the trustee who may invest in almost any investment including tax free bonds. Donors may designate the remainder of their trust to benefit any program or department.
Gifts of Real Estate
You can make a gift of commercial or residential real estate to the Danville Library Foundation and receive substantial benefits. For an outright gift of real estate, the donor receives a charitable income tax deduction based on the fair market value (appraised value) of the property. If you are considering leaving your home to the Danville Library Foundation through your will, you may wish to consider giving it now but retain the right to live in it during your lifetime. You are still responsible for paying taxes, insurance, and maintenance costs, but you do receive a substantial charitable income tax deduction in the year the gift is made. In some cases, real estate may be used to provide a life income stream through a charitable remainder trust or other gift planning option.
For many donors, a gift made through a will or trust is the most realistic way to make a major gift. Property, including cash, securities, jewelry, works of art, and real estate, may be given through a will or trust. Through estate planning provisions, a donor may leave to the Danville Library Foundation a specific dollar amount, for example, $100,000 or a specific percentage, such as 25% of the estate. The donor may stipulate whether the bequest is for the general support of the Danville Library Foundation or for a specific purpose. A bequest may also be made in honor or memory of another individual. All outright bequests to the Danville Library Foundation are exempt from federal estate taxes.
If you are interested in talking to the Executive Director about gifting programs, gifting options, or establishing an endowment in memory or in honor of someone, please call the Foundation office at 217-477-5223, Ext. 114.